living trust
February 11th, 2010
There is a written legal document that partially substitutes for a will. This is called a living trust where your assets are put into the trust and administered for your benefit during your lifetime. It is then transferred to your beneficiaries when you die.
Most people name themselves as the trustee in charge of managing their trust’s assets. This way, even if your assets have been placed into the trust, you can remain in control of them during your lifetime. You can further name a successor trustee, which can be a person or an institution, who will manage the trust’s assets in case you become unable or unwilling to do so yourself.